In this paper, we share the results of a cross-institutional study considering the impact serving as a peer mentor has on upper-level undergraduate students. Using a focus group methodology, we interviewed students in peer mentoring programs at two universities with the goal of identifying commonalities between the two sites regarding the benefits and challenges associated with serving in a peer mentoring capacity. Findings indicate that students acquired benefits in three broad categories: relational knowledge, self-awareness, and career development. Students faced challenges in three broad categories: learning the mentor role, relating to students, and student engagement. While differences in results can be attributed to programmatic variations, similarities suggest outcomes that could be generalizable to multiple programs and universities.